Gold Coast Chicago residential sales (single family median price up 25% from 2021)

 

The Gold Coast neighborhood is a great walk even when rainy and gloomy.  Fall weather seemly transforms you to a past era! All photos Eric Rojas, Broker, Kale Realty

 

We're back in the Gold Coast looking for a condo under $500K for out-of-state buyers. They will spend half the year here in Chicago and want an iconic neighborhood address.  

Gold Coast real estate has a mind of it's own. The single family and row house market does not necessarily mimic Chicago's other North Side neighborhoods due to the historic architecture and its unique location. Condos are a mixed bunch of vintage conversions, mid-rise and high-rise options (not to mention very elusive new construction options!). Market times can be very high for many of these elaborate and sometimes eccentric single family homes and condos... some over 1000 days on the MLS.

Greater Gold Coast sales area 

Single Family Home Sales January 1st to September 22nd, 2023

- 15 single family homes have sold in Gold Coast this year from January 1st to September 22nd. The median price of a sold home is about $2,500,000.  Unit sales have remained remarkably consistent over the past three years. 

- 16 homes sold over the same period over 2022 with a median price of about $2,600,000. 

- Interestingly only 17 homes sold over the frenzy of 2021 with median price of about $2,000,000.  We generally see much more units sales in 2021 than 2023 due to low interest rates and a quickly moving market. Gold Coast house unit sales have remained consistent despite the high mortgage interest rates and inventory problems plaguing most markets.

-Currently there are 28 single family homes for sale listed on our MLS. 16 of those homes have an asking price of over $3 million. The highest asking price at the moment is $17,750,000 for 3 West Burton Place.

Condo Sales January 1st to September 22nd, 2023

-552 attached condos sold this year with a median price of about $315,000.  This includes high-rise units. In the 2021 frenzy of low interest rates 612 condo units sold with a median of $315,000 as well. 

-If we look at buildings with 40 or less units only 54 condos sold with a median price of $885,000. Smaller buildings with larger units are a premium.

Small Multi-Unit Sales (2-4 units) 

- Only two small multi-unit building sold in the Gold Coast neighborhood so far this year. One four-unit billed as a redevelopment opportunity sold at 55 East Cedar Street, Chicago IL 60611 for $1,660,000. A three-flat with a beautiful duplex "owners unit" at 46 Est Cedar sold for $2,520,000. 

-There were no residential two-four unit buildings sold in 2021 or 2022.

Contact me with any real estate related questions involving your home price, selling, buying, rentals, real estate related referrals, taxes and more erojas@kalerealty.com 

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How scary are Gold Coast home sales this year?

Looks cute then you look up! All photos Eric Rojas, Broker, Kale Realty

This one creeped out the kids!

Some pretty with the scary.

We've spent a lot of time in Gold Coast with clients and family activities over the past month. Gold Coast residents enjoy scaring you around Halloween time.  But are they enjoying real estate sales in the neighborhood?  Let's find out!

Sales numbers from the above above shaded area in the Gold Coast neighborhood. (Excludes Chicago Avenue and La Salle Blvd not considered in the neighborhood boundaries)

Gold Coast Single family home sales (including row homes) January 1st to October 26th, 2018

My kids really liked the animatronic dinosaur!

Fifteen single family homes have sold this year in Gold Coast for a median price of about $2,250,000.  The highest priced sold home is 1440 N Dearborn Parkway, Chicago IL 60610 for $4,625,000. The lowest priced home to sell is 57 West Burton, Chicago IL 60610 for $1,083,000.

In 2017, fourteen single family homes sold with a median price around $2,000,000.  However, the highest home sold for $7,500,000.  Go back five years to 2013 and seventeen homes sold over the same period with a median price right around $2,000,000.  Despite the very unique high-end properties of this neighborhood the median price remained fairly consistent over the last five year real estate run up in Chicago Near North and North Sides.

Snap shot:
2018, fifteen homes sold with a median price of $2,250,000
2017, fourteen homes sold with a median price about $2,000,000
2016, sixteen homes sold with a median price about $2,030,000
2015, eight homes sold with a median price about $2,100,000
2014, nineteen homes sold with a median price about $2,600,000 (most homes sold and highest median in past five years)
2013, seventeen homes sold with a median price about $2,000,000

Gold Coast condo sales this year

"Backyard" view of the Gold Coast from a hallway window at Latin School.

894 condo units have sold so far this year with a median price of $390,000. Wow, seems like a lot of units sold!  It is!  Over 100 units more sold than in the same period 2017.  The highest sold unit so far in 2018 is the eye-popping $12,100,000 at 9 West Walton. Oh, and it is raw unfinished space.  The lowest sold condo is 201 East Delaware Place Unit 908 for $99,995. The hotel condo unit was bought cash.  $99K to $12 million in the same neighborhood this year.

In 2017 over the same period 784 units sold with a median price of $377,900.
2016, 803 units sold for a median price of $420,000.
2015, 777 units sold with a median price about $390,000
I'd give some more years but my Internet is acting up and I need to move on with other work today!

We don't see the wild price run up in Gold Coast from five years ago to the current year.  I think this is consistent with most areas (city or suburb) that feature really high-end, unique properties. 

Beautiful Gold Coast row house.

Black Gold! Single family home sales up 33% in Gold Coast and other fun facts

The Gold Coast may be Chicago's most know and searched neighborhood internationally.  Housing stock is both historic and eclectic.  There are simply relatively few Gold Coast single family dwellings in existence and I gather most homes are bought for the lifestyle over pure necessity. A typical year averages one home sale a month.

Gold Coast row home entrance. Photo Eric Rojas, Real Estate Broker - Kale Realty

I use the YoChicago.com defined boundaries for the Gold Coast.   Oak Street on the south, North Avenue on the North, North Clark Street on the west and  Lake Michigan on the east.  You can do worse when looking for information on codified and generally accepted neighborhood information than YoChicago.com.

Gold Coast Single Family Home Sales 2013

Gold Coast single family home unit sales were up 33% year over year.  20 single family homes (both row and totally detached homes) sold in 2013. The median price for the year was about $2.3 million.  15 homes sold in 2012 with a median about $2.3 million as well.

The highest priced sale was a fairly astounding $7.125 million cash for 1336 N State Street (that great street!).  The 1914 home with fourteen rooms is completely detached, has corner exposure while totally renovated and restored to the highest quality.  It's the 4th highest sale price since 2007 and the 2nd highest sale price for a single lot home since 2007.

The lowest single family sale in 2013 was $970,000 cash for a late 1800s row house at 55 W Schiller.  The home was "untouched" since 1945 and in need of complete renovation and restoration.

Gold Cost row home entrance. Photo Eric Rojas, Real Estate Broker, Kale Realty

Twelve of the twenty homes sold for over $2 million.  Six of the twenty homes were sold ALL CASH including the highest three sales for the year (totaling almost $14 million).

2013:  20 homes sold with a median of $2.3 million
2012:  15 homes sold with a median of $2.3 million
2011:  10 homes sold with a median of $3.7 million
2010:  10 homes sold with a median of $2.4 million
2009:    9 homes sold with a median of $2.1 million

More Gold Coast posts here

Stats gathered and analyzed by Eric Rojas from MREDLLC.com, our local MLS

Gold Coast single family home sales 2014: Many available, bring at least $2 million

Walking along North Dearborn in Gold Coast last weekend (Photo Eric Rojas, Broker, Kale Realty)

The Gold Coast is a unique treasure of a neighborhood not only in Chicago but nation wide (in my opinion). Views, architecture, upscale retail, dining, iconic bars, beaches and people watching all tucked into a bustling lakefront location is worth the purchase price.  Or... at least worth a visit from current Chicagoans and tourists.

Gold Coast Single Family Home Sales 2014 (including row houses)

7 Gold Coast single family homes have closed in 2014.  This is a pretty good number of transactions for the relatively small number of available homes in the neighborhood.

The highest sale just closed in May for $5,875,000 at coveted 1207 N Astor Street (asking price).  The classic estate on a 27 wide lot was bought in 2010 for $3,750,00 and has been fully renovated.

The lowest single family dwelling sale this year in Gold Coast is 1234 N State Street for $1,750,000.  The surprisingly spacious "1886" row house was advertised as needing updates and modernization.

YOU ARE HERE Mariano Park (photo Eric Rojas, Broker, Kale Realty)

For sale and under contract
A surprisingly large number of Gold Coast single family home dwellings are offered for sale.  27 homes are currently marketed for sale from $1,699,000 to $15,000,000.  Yes, 15 million.  Only four offerings are priced under $2 million.

The hot Chicago single family home market on the North Side and retiring Baby Boomer generation may have a lot to do with the good number of Gold Coast listings.

Yet, only two homes are currently under contract.  59 West Schiller is under contract listed at $2,800,000 and 43 E Division is under contract listed at $4,500,000.

All stats gathered from MREDLLC.com and interpreted by Eric Rojas, Broker, Kale Realty

Gold Coast two bedroom condo sales up 41% for 2012

We are looking for a modest Gold Coast apartment for a client.  How have two bedroom condo sales fared this year in this most distinct neighborhood? We look at the neighborhood boundaries of North Avenue to Oak Street and LaSalle Street to the lake.

Image and search boundary of Gold Coast created from MREDLLC.com (Eric Rojas)

TOTAL two bedroom condo sales:
181 total condos have sold and closed in the Gold Coast neighborhood thus far in 2012 (January 1st-December 19th) with a median price of about $385,000.  Unit sales are up 41% over the 128 sold in all of 2011. 23 units are currently under contract so we should see the total closed number inch up prior to the end of the year.

Photo Eric Rojas, Broker

Two bedroom , one bath condo sales:
In 2012, only 11 two bedroom, one bath condos closed thus far (December 19th).  The median price was an affordable $182,000... with an average assessment of about $550 a month covering various degrees of amenity and maintenance. One unit, a co-op with $900.00/month assessment (includes monthly taxes), included parking.

Two bedroom, two bath condo sales:
In 2012, we've seen  about 133 two bedroom, two bathroom condos sold.  A more popular, and, expensive option at a median price of $400,000.  Assessments range from about $500.00 to "how much you got?"  The units vary greatly in age, amenity, finish, size, parking options and assessment in this smallish market area dense with many mid-rise and high-rise buildings.

Of the 133 sold units, only 9 were $200,000 or less.  Most of those were short sale, foreclosure or garden units and not in good shape. Several were cash only deals.

More Gold Coast HERE

New house, new Bentley SUV in Gold Coast

It has been a fairly long road for 25 East Cedar in Gold Coast

Lest we not forget this is the Gold Coast.  During condo showings over the weekend we checked out progress on the new construction home at 25 East Cedar.  We've been following this property for almost six years or so.  The rare new construction single family home looks like it is close to completion. In the last 4 years only a few "newer" construction single family homes have sold in the Gold Coast market.  Those were built in 1985, 2009 and 2010. 

Although there may be another one or two new private builds out there over the past 4 years it is no doubt elusive in Gold Coast.  Overall, about 78 single family residences have sold in Gold Coast over the past four years with a median price around $2.3 million.

Bentley Gold Coast at 834 N Rush Street, Chicago IL 60611

We then passed by the Bentley dealership to see the newest, "most expensive" SUV in the world being delivered. The Bentley Bentayga just rolled in and we stopped the sales representative for a look.  The starting price tag is $229,000.  The Bentayga is already sold out for the year and this one is spoken for.

Love that red interior.

Near North Chicago condo sales

Gold Coast and Streeterville high-rise condos fuel Near North Side sales. Being close to the lake front, dining and shopping is the name of the game. (All photos Eric Rojas, Broker, Kale Realty) 

 

We're back in the Near North Side Community Area with new listings and buyer clients. Near North is home to famous neighborhoods such as Gold Coast, Old Town and Streeterville. It's a fantastic area to enjoy the high-rise life. Near North is also home to many mid-rise and smaller walk-up vintage buildings.  A spattering of expensive single family homes grace Old Town and Gold Coast. But make no mistake: condos dominate Near North.

Near North Condo Sales 2020 (Jan 1st - Aug 7th)

About 1149 condos have sold in the Near North Community Area from January 1st to August 7th. The median price of a sold condo is about $410,000. 

High Rise Units (50+ units in a building) accounted for 959 of the sales with a median price of about $355,000. Condo buildings with 2-49 units accounted for 190 sales with a median price of about $567,000. Large condos in smaller buildings sell for a premium in Near North. 

Photo update! House on former Frank Llyod Wright residence in Gold Coast still under construction

Single family home construction at 25 East Cedar in Gold Coast taken last week, November 25th, 2014.  Bob DePalma, Broker, Kale Realty

We've photographed this property and watched the construction at 25 East Cedar in Gold Coast for some time.

It's rare to have new construction single family homes in Gold Coast among the historic row houses. That the original property that stood here has had a little bit of a controversial past (including the new construction next door to the west) has added to the interest in this home.  The purchase and tear down process started in 2011.

Check out recent posts on home sales in Gold Coast.

Q1 Near North condo sales consistent over five years

SoNo condos on the left.  The popular Near North luxury towers bordering Lincoln Park and Old Town feature a condo tower and separate rental apartment building with 24/7 amenities for residents.  The surrounding area has countless dining, fitness, shopping and entertainment opportunities. All photos Eric Rojas, Broker, Kale Realty.

Before the COVID crash I started the year spending some time in the Near North Side Community Area (with highly desirable Old Town, Gold Coast, River North, Streeterville neighborhoods). Let's take a look at greater Near North condo sales.

30 West Oak in Gold Coast of the Near North Side Community Area. The desirable luxury condo building known for large units was built in 2006-2007.

Near North attached sales (condo, townhouse) Jan 1st to March 31st

456 attached units sold in 1st quarter of 2020 with a median price of about $400,000.  The highest  priced sale in Q1 is 451 East Grand Unit 6311, Chicago IL 60611 for  $6,250,000 .  The lowest priced condo sold is 233 East Erie Street, Unit 1205, Chicago IL 60611 for $120,000. The one bed, one bath unit was a foreclosure sale.

In 2019 Q1 430 units sold with a median price of about $370,000.
2018, 543 units closed over Q1 with a median price of $415,000
Looking back at 2015, 488 units closed with a median price of  $390,000.

Gold Coast modern town homes at 1009 North Dearborn

Unit sales and median price have been consistent Q1 over the past five years with very similar numbers in 2015 and 2020. 

Rare opportunities, rare sales at 65 East Goethe in Gold Coast

65 East Goethe is tucked away in the tranquil setting between Goudy Square Park and the lake, yet offers grand luxury. We check in on sales.

Built in 2001, 65 East Goethe is one of the newest and most exclusive boutique buildings in Chicago's Gold Coast. Offering 24 hour doorman, luxury roof garden, concierge service and more the custom luxury homes were mostly sold unfinished buyers looking to customize units. With less than 20 units in the building opportunities and sales are not an every day occurrence.

From 2001-2005, there had been 13 MLS recorded closed units from $2 million (unfinished 3000 sq/ft) to $5 million for a completed 5000 sq/ft condo home sold by the development group. Several spaces were bought pre-construction or unlisted on the MLS.

The best, as it were, have been saved for last. Several high profile penthouse "raw spaces" are now listed for re-sale and available ranging from $4 million to $11 million- ten years after original construction began. These properties were never built-out and can be combined and sold as one if desired.

The most recent MLS recorded sale was $4 million in 2007 for the remaining maisonette with private entrance and 4 car garage...also sold as unfinished space with plans to customize. This was most likely a re-sale of the property from an early investor in the project.

Read more Gold Coast posts here

Goudy Square Park with 65 East Goethe in the background on a warm winter day.

Attractive properties, condo sales on the 1400 block of North LaSalle, Gold Coast

The red vintage building at 1400 N LaSalle, Chicago IL 60610 (far left) had a recent sale for $510,000. The twos beds, two baths unit has many original features. Sorry, no central or air or parking included with the unit and assessment creeps over $500.00. (All photos Eric Rojas, Broker, Kale Realty)

We had a client appointment at Sandburg Village last week along the 1400 block of North LaSalle. The west side of the block is home to a group of new and vintage buildings along an unassuming stretch of far west Gold Coast.  The attractive looking homes can be easily missed when zipping down LaSalle.

Prices for two bedrooms, two baths condos easily exceed $500,000 on the block. 

The striking newer build or gut renovated single family residence  at 1404 N LaSalle features carriage style attached garage doors. The property was last sold as a "red brick Victorian" multi-unit in 1997 for $350,000.

1418 N LaSalle to the left was built in 2008 replacing an artists single family home and coach house.  The new condo residences sold for over $1 million at the time and I have not seen a resale yet.  1422 N LaSalle on the right is a larger building built in 2004 with sales ranging from the $400s to $1.2 million.

Several vintage homes exist among the new builds.

1430 N LaSalle shown below has had several re-sales in the past two years.  The 14 unit courtyard style building offers duplex and triplex condo units with warm finish level. Closed prices have ranged from $620,000 to $700,000.

Can't say I'm crazy about the look of this 1995 built courtyard building at 1430 N LaSalle, Chicago IL 60610 but it offers unique, spacious units in Gold Coast/ Old Town.

Views, sales at 2 East Oak in Gold Coast

We had some business at the hopping 2 East Oak in the terrific Gold Coast location last month. Here's a view from a high floor in the "04" tier on a beautiful morning in late April.

The approximately 304 unit building built in 1969 has primarily one bedroom and studio units.  However, there are a spattering of two bedroom homes (one 2 beds, 2 baths unit sold in 2010 for $380,000).  Assessment for the one bedrooms units range from $450-$500 and include heat, AC, 24 hour doorman, refinished fitness area, party room, roof top pool and bathrooms (at pool deck level). The pool deck is adequate...the views are GREAT.


In the last 12 months about 6 one bedroom condos have sold or are currently under contract with prices ranging from $150,000s to the $190,000s.  There are quite a few rental units in the building.  The one bedroom rentals range from $1,200 for a dated finish level to $1,650 a month for a renovated unit.  A penthouse two bedroom rented in the last 12 months for $2,700 a month. 34 units were shown as rented on our MLS alone for the last 12 months (several units are also rented off the MLS).


As we speak, about 5 units are for sale on our MLS in 2 East Oak ranging from $109,900 to $229,000.

Mariano Park at Bellevue between Rush and State Streets

I always try to sit and have a coffee in Mariano Park prior to early morning appointments around Gold Coast. The park offers a top notch people watching opportunity in the evening hours.

View of the park below, Rush and State Streets from 2 East Oak

More Gold Coast posts HERE

Gold Coast: Six Elysian residences under contract from $2.6 million to $5.9 million.

We often cross the luxury Elysian Hotel and Private Residences at Walton and State in Chicago's Gold Coast among our daily property showings and research its sales activity. Currently, six Elysian condo homes are under contract ranging from $2,650,000 to $5,999,990.  The popular 60 story tower at 11 East Walton, designed by Lucien Lagrange, houses posh retail, a 188 guest suite hotel and 51 private residences with hotel amenities.

In the middle range pricing,  Unit 3902 is currently under contract asking $3.5 million boasting 4 bedrooms, 4.1 baths in 4,000 square feet with one valet parking spot.  The six remaining homes under contract appear to be the last original developer unit sales in the building.

There are two re-sale home offerings at the Elysian at this time.  Unit 3002 asking $2,700,000 is a three bedrooms, three and one-half baths home with garage parking space offered at $100,000.  Unit 5001 asking $3,175,000 is a high floor residence with three bedrooms, two and one half-baths home with one valet parking spot included.


Read more Gold Coast posts HERE

Are Streeterville condos a bargain?

 

Buildings surrounding Bennett Park in Streetrville. 

A year of pandemic conditions, bouts of protest and civil unrest cast a negative light on the downtown and Near North condo markets. With shuttered shops, restaurants, bars and cultural institutions Streeterville high-rise life (and taking elevators with strangers) became suddenly less desirable. Does one year of instability make for condo bargains? How do unit sales look today?

Streeterville condo unit sales, median price 2021

80 condos have sold from January 1st to March 12th this year. Unit sales are up almost 10%. The median price of a sold condo is $400,000.  Median price however dipped about -7%. 73 condos sold over the same period of 2020 with a median price of about $430,000.

It's not clear if the median price decrease is due to 2020 conditions.  Just looking at the past five years we see a median price dip in 2019 despite good over-all Chicago market conditions. In a "normal" year of 2019, 73 condos also sold over the same period with a median price lower at $347,000.  

January 1st though March 12th closings:

2021: 80 condos sold with a median price of $400,000
2020: 73 condos sold with a median price of $430,000
2019: 73 condos sold with a median price of $347,000
2018: 70 condos sold with a median price of $395,000
2017: 96 condos sold with a median price of $364,000

So far demand for Streeterville condo units looks normal... even good. Unit sales are up. The dip in median price may signal there are some bargains out there. The lower median price can also be attributed to a reduced demand for higher-end bracket sales. Less new construction condos were delivered in the pandemic year as well. Some reports show the very high-end luxury sales have shifted more towards the non-downtown neighborhoods and suburbs offering more land and space.

Over-all Near North Community Area (including Streeterville, Gold Coast and Old Town) condo sales and inventory are up. Through February, new listings were up almost 20% over 2020.  Closed sales are up almost 8%. 

The Streeterville neighborhood is doing just a bit better at +10% in unit sales year to year. However, median price is down a bit. The inventory issue will be the key factor to watch when tracking prices. If investors continue to have trouble renting their high-rise units to the typical in-town workers and empty nesters they may choose to sell. It remains to be seen if we're already on a bounce back or if we'll decline in prices while pandemic conditions gets sorted out.

Stats gathered from MREDLLC.com and Chicago Association of Realtors by Eric Rojas, Broker, Kale Realty. Analysis is based on sales stats and anecdotal information.

25 East Cedar and Gold Coast home sales

We've watched this Gold Coast house location for many years.  The original property was torn down and tied to Frank Lloyd Wright as a personal residence.  The newly built property took a few years or so to finally complete. It looks fairly natural in it's surrounding area.

25 East Cedar is adjacent to a high-rise to the east and another larger, recent build single family home to the west.

17 single family and row homes have sold in the last twelve months in the Gold Coast neighborhood. The median price is about $2 million.  One notable sale last year was a rare remaining cottage at 1241 N State Parkway.  It sold for $1.5 million and was to be torn down by the developer/ purchaser. 
A demolition permit was issued in October of last year.

Photo: New Gold Coast mega-Starbucks open!

Bob took this shot last week of patrons on the terrace at the newly opened upscale Starbucks in Gold Coast.  He quickly joined them (a couple times this week) at the hopping location.  Beer and wine sales after 4PM.

More Gold Coast posts here

25 East Cedar in Gold Coast: Rare, controversial new construction update

Bob took these update photos of 25 East Cedar in Gold Coast over the weekend. A wrecking/ demolition permit was issued in June to "WRECK & REMOVE 2 STORY BRICK BUILDING HOUSE". From the current state of partial demolition, it almost looks like a renovation was attempted at first than scrapped. You can see the steel beams, plywood and vapor wrap from our bird's eye view.

It's quite rare to see a new construction single family home in Chicago's Gold Coast. Imagine your single family home practically on Lake Michigan to your east and the bustle surrounding Mariano Park to your west. Carmichael's anyone?

25 East Cedar has been the subject of some controversy in the past as written by Dennis Rodkin in his Deal Estate column. Some folks felt the age of the property and association to Frank Lloyd Wright may merit preservation.

The last five sales of single family homes and two to three unit multi-family buildings have ranged from $1,500,000 for 25 East Cedar shown here closed early this year to $5,300,000 for a double lot renovated mansion at 60 East Cedar sold in 2007. A luxury new construction home was built adjacent to the west of 25 East Cedar in 2007.

UPDATE:

Here are some blackberry camera shots of 25 East Cedar I took on a stop with clients on Friday. I did not have my regular camera, but you can get a little view of the block, a sense of scale of the existing house and the new construction next door.